Playing poker at a high level has several similarities to running a business at a high level. So, the skills that players attain when playing poker can easily be translated to business success. If you think about it for a minute – it all makes perfect sense. After all, the poker table is much like a microcosm of the business world, with many intertwining factors that decide the outcome of each move. That being said we’ll now get to discuss some core, essential poker skills that translate well to business.
Creating Plans and Strategies
All successful poker players, as well as business owners, know that prior to making a move, there’s an all-important thought process. Players need to consider their next move depending on the cards they hold and other factors. So, there are hundreds of calculations that the player must do before playing a card. The same goes in the world of business. Before making a business move, the entrepreneur needs to consider all factors that may decide the outcome. Only then will the entrepreneur be able to make a solid move that will bring profits down the line.
Reading the Opponents
Top-rated online poker USA players are known to make use of skills and knowledge in psychology. They can read even the most ardent opponents easily. By knowing the thought processes of each opponent, they can make better decision when playing on the best online poker usa sites voted by players. Entrepreneurs can experience a significant benefit of implementing this knowledge. Knowing the opposition and reading the opponent’s minds can make a business be very successful.
Managing the Finances
Every poker player needs to be successful in managing the bankroll. After all, overspending on the poker table can result in a total destruction of the bankroll. Once this happens, the player won’t be able to play with real money at the best online poker USA sites voted by players. Again, same thing goes in business. Successful entrepreneurs need to be savvy with their finances. Learning to manage them will pay dividends down the line.
Don’t Get Tilted
There’s a term that’s well-known in poker – it’s called being “tilted”. When a player starts making wrong decisions based on emotions rather than logic, it’s said that he or she is tilted. It takes a lot of experience and knowledge to be truly objective about the subjective state of mind. Only the best poker players can control their emotions and remain unfazed by the swings of fortune on the poker table. As you can imagine, this skill translates extremely well in the incredibly volatile world of business and entrepreneurship.
There’s a Time for Folding Double Aces
The double aces consist the best possible hand that a player can have at the start of the round. However, the best players know that, while they need to leverage the best hand – this still doesn’t mean that they’ll invariably win with it. Sometimes, other players will have a stronger hand at the end of the final betting round. So, there’s invariably a time when players should fold aces. Conversely, in the world of business, entrepreneurs may be convinced that they have the best possible product. But this doesn’t mean that it’s a given that they will be successful with it. All factors have to be assessed and appraised, at all times.
Thrive Under Pressure
Poker players who play the game with high stakes have experienced huge levels of pressure doing so. As you may know yourself, it becomes extremely hard to make proper, logical decisions under stress. However, this too is a skill that can be learned. The more you play under pressure, the better you’ll become at dealing with it even at the highest levels. Many entrepreneurs have had the experience of being involved in high-level negotiations with other parties, where the pressure is almost unbearable. But if you know how to contain your emotions in poker, it will be a lot easier for you to do so in a business setting.
Focus on the Process – Not the Goals
The main goal in poker is to win money. In business, it’s to make profits. However, focusing on the end goal is considered to be a mistake. What you’ll want to focus on is the process. If you want to just make money, then you’ll become victim of the volatility of the poker tables and business market, experiencing both highs and lows. It’s much better to focus on setting your fundamentals right – learning the game and making the right moves. If you have your fundamentals right, the long-term process will be your friend. You’re much more likely to be successful, this way, both in poker and in business.
Successful Poker Players and Entrepreneurs
Based on what we’ve written about, it’s easy to see why so many poker players become successful entrepreneurs. There are many real-life examples of this, too. One poker player, Travis Biziorek, used poker to hone his hustling skills and create a successful business. Namely, he had understood the parallels that line between poker play and entrepreneurship and had made a successful transition. He started his own company called Kibin. He derived his powers of analysis from poker and implemented them in developing his company. Down the line, he made it grow to 500startups.
Another successful poker player, Andrew Seidman, has created a successful company called Digital Reach. He had used his understanding of risk in poker and had implemented this knowledge in his business. One of the main things that he did was he reinvested his profits into his business – just like he did with poker. Down the line, his company become very successful.
Poker and Business – A Match Made in Heaven
Poker players can learn a lot about the world of business by just playing poker. Of course, this is not necessarily an easy thing to do. Players need to hone their craft for years on end before they can attain top poker skills that they can then implement in business. This is a very difficult thing to do – but one that will be very worthwhile for any poker player.